8-K

                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K


                                 CURRENT REPORT

     Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934


        Date of Report (Date of Earliest Event Reported): April 24, 2006



                             FOUR OAKS FINCORP, INC.
             (Exact name of registrant as specified in its charter)


       North Carolina                  000-22787               56-2028446
(State or other jurisdiction of     (Commission File        (I.R.S. Employer
        incorporation)                 Number)            Identification Number)



                6114 U.S. 301 South
             Four Oaks, North Carolina                    27524
     (Address of principal executive offices)          (Zip Code)



                                 (919) 963-2177
               Registrant's telephone number, including area code

                                       N/A
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))







Item 2.02         Results of Operations and Financial Condition.

On April 24, 2006, Four Oaks Fincorp, Inc. (OTC BB: FOFN) issued a press release
announcing reported financial results for the first quarter ended March 31,
2006. The full text of the press release is set forth in Exhibit 99.1 hereto and
is incorporated herein by reference.

Pursuant to General Instruction B.2 of Current Report on Form 8-K, the
information in this Item 2.02, including the press release attached as Exhibit
99.1, is furnished and shall not be deemed to be "filed" for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to
the liability of that section. Furthermore, the information in this Item 2.02,
including the press release attached as Exhibit 99.1, shall not be deemed to be
incorporated by reference into the filings of the registrant under the
Securities Act of 1933, as amended.


Item 9.01         Financial Statements and Exhibits.

(c)    Exhibits.


         Exhibit No.       Description
         -----------       -----------
         99.1              Press Release issued on April 24, 2006







                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                           FOUR OAKS FINCORP, INC.


                                           By:  /s/ Ayden R. Lee, Jr.
                                              ----------------------------------
                                           Ayden R. Lee, Jr.
                                           President and Chief Executive Officer



Date:  April 24, 2006






                                 EXHIBIT INDEX
                                 -------------


             Exhibit No.         Description
             -----------         -----------
             99.1                Press Release issued on April 24, 2006

EX-99.1

                                                                    Exhibit 99.1

                        Four Oaks Fincorp, Inc. Announces
                           2006 First Quarter Results

    FOUR OAKS, N.C.--(BUSINESS WIRE)--April 24, 2006--Four Oaks
Fincorp, Inc. (OTCBB:FOFN) the holding company for Four Oaks Bank &
Trust Company, today announced first quarter results for fiscal year
2006. Net income increased 65% in the first quarter of 2006 as
compared to the first quarter of 2005. Net income was $1,935,000 or
$0.44 per basic share for the quarter ended March 31, 2006, compared
to $1,176,000 or $0.27 per basic share for the quarter ended March 31,
2005. Return on average equity and return on average assets at March
31, 2006 were 17.86% and 1.49%, respectively, compared to 12.32% and
1.15%, respectively, at March 31, 2005. The Company increased the
level of dividends paid to its shareholders from the $0.07 per share
that was paid in the first quarter of 2005 to $0.08 per share paid in
the first quarter of fiscal year 2006, an increase of 14%.
    Improved earnings trends continued in the first quarter of 2006,
when compared to the same period of 2005, as evidenced by a 28%
increase in net interest income after the provision for loan losses,
from $4,231,000 to $5,413,000. Operating expenses increased 10% in the
first quarter of 2006 to $3,502,000, as compared to the same period of
2005, primarily due to increased professional and legal fees related
to compliance with new regulations, along with increased salaries and
benefits associated with the expansion of our locations.
    The Company's balance sheet growth continued in the first quarter
of 2006. Total deposits of $420,647,000 at March 31, 2006 grew 6% from
$397,533,000 at December 31, 2005. Net loans increased 3% from
$392,129,000 at December 31, 2005 to $404,623,000 at March 31, 2006.
Shareholders' equity grew to $43,892,000, a 5% increase over December
31, 2005. Book value per share at March 31, 2006 was $9.95 as compared
to $9.58 at December 31, 2005. Shareholders' equity as a percentage of
total assets was 8.17% at March 31, 2006 as compared to 8.94% at March
31, 2005.
    During March 2006, Four Oaks Fincorp, Inc. issued $12 million of
Trust Preferred Securities through its newly formed trust subsidiary
Four Oaks Statutory Trust I. The net proceeds increased the regulatory
capital of Four Oaks Bank & Trust Company and will provide funding for
continued growth of the bank. Under the terms of the transaction, the
Trust Preferred Securities have a maturity of 30 years and are
redeemable after five years, with certain exceptions. The securities
require quarterly interest payments (subject to certain deferment
options) and bear interest at a variable rate equal to the three-month
LIBOR plus 1.35%.
    With $537,148,000 in total assets as of March 31, 2006, the
Company, through its wholly owned subsidiary, Four Oaks Bank & Trust
Company, offers a broad range of financial services through its
thirteen offices in Four Oaks, Clayton, Smithfield, Garner, Benson,
Fuquay-Varina, Wallace, Holly Springs, Harrells, Sanford, and Zebulon,
North Carolina. The Zebulon loan production office opened in January
2006 and opened for full service in March 2006.


    CONTACT: Four Oaks Fincorp, Inc.
             Ayden R. Lee, Jr., President and Chief Executive Officer
             Nancy S. Wise, Executive Vice President and Chief
             Financial Officer, 919-963-2177